Here are the top reads on deals and financial services over the last 24 hours,
Market turmoil that roiled U.S. bond-trading revenues likely to show up in Big Six results as well, analysts say: Bond traders on Wall Street saw their revenues pummelled by market volatility during the most recent quarter, and analysts predict a similar theme will play out north of the border when the Canadian banks report their earnings results next month. Story (Alexandra Posadzki, for subscribers)
RBC cuts 5-year fixed mortgage rate, other banks expected to follow: Royal Bank of Canada has become the first of the major banks to lower its posted interest rate for five-year fixed-term mortgages, a move that has been widely anticipated amid tumbling bond yields. The bank lowered its featured five-year mortgage rate on Wednesday to 3.74 per cent from 3.89 per cent. Other big banks did not immediately match the rate, but mortgage expert Robert McLister said others will move soon. Story (Janet McFarland)
Barclays Canada hires Jacquelyn Titus as banker to the banks: Investment bank Barclays Capital Canada Inc. hired Goldman Sachs Group Inc. veteran Jacquelyn Titus on Wednesday to advise the country’s financial services companies, a deep-pocketed sector that’s focused on cross-border deals. Story (Andrew Willis, for subscribers)
MORE FINANCIAL SERVICES NEWS
Wealth management: John Bogle, whose family’s struggles during the Great Depression led him to pioneer low-cost investing and to found Vanguard Group, now the world’s biggest mutual fund firm, died on Wednesday at the age of 89, Vanguard said. Story (for subscribers)
Bank earnings: Bank of America Corp’s quarterly profit topped analyst estimates on Wednesday as a growing loan book helped it ride out year-end market turbulence, sending the lender’s shares up more than 5 per cent. Story
Earnings: Goldman Sachs Group Inc. turned in a better-than-expected profit during David Solomon’s first quarter at the helm, helped by dealmakers in the division the new chief executive once oversaw. Story (for subscribers)
Gender: Citigroup’s female employees earn 29 per cent less than their male counterparts, the Wall Street bank revealed on Wednesday, while announcing targets for appointing more women and minorities to senior roles. Story
Insurance: The Insurance Bureau of Canada says severe weather caused $1.9 billion in insured damage last year. Story (for subscribers)
MORE DEALS NEWS
Oil sector: Husky Energy Inc expects to secure over 50 percent support from MEG Energy shareholders for Husky’s unsolicited offer to take over the rival oil producer by Wednesday’s deadline, people familiar with the situation told Reuters. Story (for subscribers)
Retail sector: Sears Holdings Corp. chairman Eddie Lampert prevailed in a bankruptcy auction for the American department-store chain with an improved takeover bid of roughly US$5.2-billion, allowing the 126-year-old retailer to keep its doors open, people familiar with the matter said Wednesday. Story
Mining sector: A Hudbay Minerals Inc. investor has released a proposed slate of candidates as it looks to oust the current board of directors in a proxy fight. Story
Hedge fund pressure: SQN Investors LP said on Wednesday Yelp Inc.’s shares could surge to between $55 and $65, up to 80 per cent above its current price, if the customer review company appoints new board members and considers selling itself. Story (for subscribers)
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